LGT's Profit Sense

First and foremost, I need to introduce myself. My name is Lee Ann Collins, managing partner of an accounting and advising firm in Dallas called Lane Gorman Trubitt, LLC (LGT), and this job is keeping me up at night.

In response to the Supreme Court decision in
South Dakota v. Wayfair (click
here for our previous article on this subject), the Texas Comptroller has adopted amendments to Rule 3.286 regarding “remote sellers” (vendors with no physical presence in Texas). These amendments go into effect on January 1, 2019.

Recently Ernst & Young (EY), completed their millennial survey. They surveyed 1,202 individuals between the ages of 20 and 36 across the United States. Their results show that millennials are changing but are not always staying well informed.

The notion of starting work on a project without a license may seem unthinkable. But, in their rush to win bids and start work, many contractors have run afoul of licensing issues. Here’s how it can happen.

The term “artificial intelligence” or “AI” may conjure up sci-fi images of robots and futuristic machines. But many businesses today are using AI to obtain more accurate data and help owners and managers make better decisions.

No part of the country is immune from disaster. Whether your construction company operates near water or in a desert, in the city or the suburbs, a natural calamity could stop you in your tracks and even put you out of business. For this reason, it’s a good idea for every contractor to at least consider business interruption insurance.

Your wage structure can vary widely depending on whether your practice is new, with freshly hired staff, or is older, with staff that have been with the practice for many years. For instance, you may find your office in the awkward position of having a long-term medical receptionist who makes more money than newly hired registered nurses. These apparent inequities can create resentment among staff. Your practice can generally handle this, though, via a smart wage structure and policy.